June 22, 2024

Standard Chartered in their fresh report stated out that the UAE’s Economic Recovery is getting boosted up

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Within this year in 2021, UAE’s Real GDP is anticipated to develop 2.5%, 3% in the subsequent year 2022 and 3.5% within 2023.

As per the fresh report as announced on Sunday, the UAE’s economic retrieval is attaining up the impetus due for swifter administration of the Covid-19 Immunization drive as well as in holding Dubai’s Expo 2020.

Standard Chartered stated out within the fresh report that, “Almost 80 per cent of the UAE’s population has now been fully vaccinated, and over 85 per cent of the vulnerable population. This has allowed the economy to remain largely open, even though new cases persist. The recent surge in the Delta variant in key tourism markets including the UK and India may weaken near-term growth performance. However, Dubai’s hosting of the delayed Expo 2020 in October is likely to boost economic momentum in Q3.”

Capital Economics stated that, “That’s good news for the Gulf countries which, for the most part, have achieved high levels of vaccine coverage. Some restrictions may still be tightened to curb outbreaks – Abu Dhabi reintroduced some measures to coincide with Eid al-Adha. But, in general, containment measures will lie towards the softer end of the spectrum and inflict little economic damage.”

Standard Chartered Analysts stated out that, ““We expect the UAE’s recovery to gain momentum in the second half of 2021.” Adding that the UAE’s real GDP is anticipated to nurture 2.5 percent within the year 2021, 3.0 percent for the subsequent year in 2022 and 3.5 percent during 2023.

It further added out that; “While expatriate population growth has slowed, it did not contract in 2020 as initially feared. Policies aimed at attracting expatriates, including the liberalisation of residency requirements, should support UAE population growth in the years ahead. In line with improving fundamentals, we expect property prices to recover gradually.”

Standard Chartered distinguished that even if the target of 25 million visitors for Expo 202 is not being discovered, the event would still power out a substantial recovery in the tourism segment.

It sees the consumer price index remaining at 2.7 percent this year and 3.0 percent over the subsequent two years’ time frame.

In the initial quarter, oil output upsurged 4.3 percent quarter-on-quarter, in line alongside the OPEC agreement although it plummeted to 17.6 percent year-on-year. Standard Chartered stated within its third-quarter outlook account that; “We forecast a moderate fiscal deficit of 1.6 per cent of GDP this year and a current account surplus of 5.1 per cent. Debt levels are likely to stay elevated; debt-to-GDP was around 77 per cent in 2020. External liquidity remains a key strength. The UAE’s foreign assets increased to Dh393.8bn in April from a low of Dh350.7bn in June 2020.”

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